With all the internet tools available to buyers and sellers, some may think that an agent is a thing of the past or optional. My feeling is that a good agent is a project manager that gets a listing sold or helps a buyer purchase a property. The agent makes sure each step of the project plan gets completed and handles any breakdowns when they occur (they usually do).
The Forbes article highlights five points that an agent is needed: 1. Better Access/More Convenience, 2. Negotiating Is Tricky Business, 3. Contracts Can Be Hard To Handle, 4. Real Estate Agents Can't Lie, and 5. Not Everyone Can Save Money
I have several additional points to add:
6. Local knowledge and intuition.
Specializing in downtown Chicago, I keep up to date on the latest news that affects property. A new grocery store or restaurant being announced next to Marina City would have a positive effect on home values in that development. Conversely, negative news or happenings can have an effect. Wherever the property you plan to sell or buy, it would be an advantage to enlist the help of someone who specializes there. A neighborhood specialist also knows how to promote the best qualities of an area and how to handle common objections to a property. I expand on this in my ChicagoNow interview with writer Dan Rafter. Living in Marina Towers gives me a unique perspective.
7. Managing the transactionDespite what some may think, a real estate transaction is a complicated process that involves carefully coordinated steps. Based on a list prepared by Belton Jennings, CEO of the Orlando Regional Realtors Association, the selling process from start to finish involves up to 180 steps. When issues come up, having an experienced agent with a cool head is a must. For example, a problem with financing or a problem found during inspection could quickly kill a deal if not handled effectively.
8. Let a professional handle it.
Having an advocate that is not emotionally attached to the property can be a huge asset. How would an owner react to feedback from a showing of their property. That beautiful heirloom clock that Aunt Millie got you when she was in Switzerland might mean the world to you now that she's gone. Unfortunately, if a buyer comments negatively on it, emotion could take over. Emotion is the worst thing that can creep into a real estate transaction. It can color communications between buyer & seller, buyer's agent & seller's agent and ultimately sour the deal.
Lastly, knowing who to turn to when things go completely off track is critical. A buyer or seller may not have access to a senior managing broker or real estate attorney to help them put things back on track. The best metaphor I can think of is that you can go to court and defend yourself without a lawyer, but it is very difficult. Similarly, you can juggle knives and not get injured, but the likelihood of success is very low.
